TORONTO, ONTARIO--(Marketwire - Aug. 17, 2010) - Greater Toronto REALTORS® reported 2,732 sales through the Multiple Listing Service® (MLS®) during the first two weeks of August 2010.

This represented a 29 per cent decrease compared to the 3,832 sales recorded during the same period in 2009. New listings, at 4,770 were down eight per cent compared to the first two weeks of August 2009.

"Throughout the better part of the last year, the number of monthly sales was well above the expected long-term trend. Accordingly, it makes sense that the number of transactions has dipped over the past few months in comparison to last year's record results," said Toronto Real Estate Board President Bill Johnston.

The average price for August mid-month transactions was $412,934 – up eight per cent compared to the average of $383,796 recorded during the first 14 days of August 2009.

"We have seen a sufficient number of buyers relative to sellers over the summer months to support continued year-over-year price growth in the GTA," said Jason Mercer, TREB's Senior Manager of Market Analysis.